ANNOUNCED AS TEMPORARYNo
With Decree 92 of February 2, 2013, the Council of Ministers of Belarus authorised the compensation of the Development Bank of the Republic of Belarus in 2013-2015 for the export loan (15 Mio. USD) it issued to Mogotex JSC based on commercial interest reference rates (CIRRs). CIRRs are the lowest interest rates, which may be applied under the OECD Arrangement on Guidelines for Officially Supported Export Credits" (European Commission). This compensations indirectly provides. Mogotex JSC with a competitive advantage (through cheaper access to loans), which is most likely to affect foreign commercial interests.
Mogotex JSC is a key Belarusian textile company, which exports approximately 70 per cent of its production. Key export markets of Mogotex JSC are the following: Russia, Ukraine, Lithuania, Kazakhstan, Moldova, Uzbekistan, Azerbaijan, Kyrgyzstan. The company also plans to export to Hungary, Czech Republic, Serbia, Germany, USA and Spain.
The Development Bank of the Republic of Belarus was established in 2011. Its purpose is to facilitate the financing of state programmes and investment projects. According to article 1.1. of Presidential Decree 261, the founders of the Development Bank of the Republic of Belarus are the National Bank of Belarus and the Council of Ministers of Belarus. The DBRB can provide state loans under the market rate (see related GTA measure 4011 and 4012).
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